LG Electronics today announced the preliminary earnings figures for the third quarter of 2023.
The results show that the company’s third-quarter consolidated revenue was 20.7 trillion won (currently about RMB 111.78 billion), and operating profit was 996.7 billion won (currently about RMB 5.382 billion), both of which are the second-highest Q3 figures in the company’s history, and operating profit increased by more than 30$ compared with the same period last year as well as the second quarter of 2023.
LG Electronics’ automotive solutions company continued its rapid growth trend in the third quarter, with order backlog expected to reach 100 trillion won by the end of the year, while supply chain management remained stable and growth accelerated. In terms of profitability, there are also economies of scale due to sales expansion. The company expects annual sales to exceed 10 trillion won for the first time this year. LG is accelerating the establishment of regional production bases in response to the shift in demand from major global customers to electric vehicles.
LG Home Entertainment is accelerating its business transformation from a product-oriented business to a media and entertainment platform as the content and service business continues to grow. To this end, the company recently upgraded its TV operating system for the first time in the industry to expand the content experience for customers, in addition to expanding its partnerships with various content providers. By 2026, the number of TVs powered by webOS, the foundation of the content and services business, is expected to reach 300 million.
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